Kotak Mahindra Bank net up 108 pc at Rs 294 cr

Mumbai, May 9 (UNI) Kotak Mahindra Bank has registered a 108 per cent increase in net profit at Rs 294 crore for the year ended March 31, 2008 as compared to Rs 141 crore during the previos fiscal.

The Mumbai-based company's net interest income jumped 98 per cent to Rs 1,226 crore for the financial year ended March 31, 2008, against Rs 620 crore for the previous year 2007, a Company press release here said.

The Group has posted a net profit of Rs 991.59 crore as compared to Rs 538 crore in the last fiscal, indicating a rise of 84 per cent. Total revenue has increased 31 per cent to Rs 7,549 crore from Rs 4,294 crore. Deposits grew 49 per cent to Rs 16,005 crore as on March 31, 2008 from Rs 10,251 crore as on March 31, 2007. CASA deposits comprised 27 per cent of total deposits (22 per cent as on March 31 2007). Total number of deposit accounts have more than doubled to 749,000 as on March 31, 2008 against 350,000 as on March 31, 2007.

As on May 8, 2008, customers of the Bank had negative MTM exposures aggregating to Rs 612 crore on account of forex derivaties transactions. As on March 31, 2008, the Bank carried a provision of Rs 86 crore towards stressed cases. The Bank has recently appoined Mr Asim Ghosh as a director.

The Board has declared a dividend of 7.5 per cent for the financial year 2007-08 against 7 per cent for 2006-07.

Meanwhile, Kotak Life Insurance (KLI)'s total premium income grew 74 per cent to Rs 1,691 crore in FY 08 from Rs 972 crore in FY 07. For the fourth quarter ended March 2008, premium income grew 73 per cent to Rs 806 crore from Rs 467 crore in Q4 07, the release added.